https://www.taxtmi.com/caselaws?id=60107 The Appellate Tribunal ITAT CALCUTTA-B determined that rule 1D of the Wealth-tax Rules, 1957 is mandatory for the valuation of unquoted equity shares, superseding previous share valuation principles set by the Supreme Court. The Tribunal emphasized the importance of rules made under the Wealth-tax Act in determining asset valuation, stating that rules must prevail over statutory provisions. Consequently, the Tribunal held that rule 1D must be applied and reinstated the valuation by the WTO, rejecting the use of the yield method. The appeal was allowed in favor of the department. en-us Mon, 06 Jan 1986 00:00:00 +0530 Mon, 03 Jan 2011 17:26:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60107 The Appellate Tribunal ITAT CALCUTTA-B determined that rule 1D of the Wealth-tax Rules, 1957 is mandatory for the valuation of unquoted equity shares, superseding previous share valuation principles set by the Supreme Court. The Tribunal emphasized the importance of rules made under the Wealth-tax Act in determining asset valuation, stating that rules must prevail over statutory provisions. Consequently, the Tribunal held that rule 1D must be applied and reinstated the valuation by the WTO, rejecting the use of the yield method. The appeal was allowed in favor of the department. Case-Laws Wealth-tax Mon, 06 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60107